NEWS RELEASE 08/24/06
Edward W. Trott to Leave Financial Accounting Standards Board in 2007
Norwalk, CT, August 24, 2006—Edward W. Trott has informed the Financial Accounting Foundation (FAF) that he will retire from the Financial Accounting Standards Board (FASB) in June 2007. A FASB member since 1999, he is currently serving his second five-year term on the Board. Upon accepting reappointment in July 2004, Mr. Trott had advised the FAF Trustees that he would reevaluate his ability to complete that term in 2006.
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.
"Ed Trott's numerous contributions to the FASB and our country's financial reporting system have been invaluable," said Robert H. Denham, Chairman of the FAF Board of Trustees. "One of the most respected accountants in the world, Ed has and continues to play a significant role in the FASB's ability to develop standards that provide clearer, more comparable and more relevant information to investors and other users of financial statements."
Prior to serving as a FASB member, Mr. Trott was a Partner and head of KPMG LLP's Accounting Group in that firm's national office. He has also served as a member of FASB's Emerging Issues Task Force (EITF) and Financial Accounting Standards Advisory Council (FASAC), as well as on the Financial Reporting Committee of the Institute of Management Accountants and the American Institute of CPAs' Accounting Standards Executive Committee (AcSEC).
"As a FASB member and, prior to that, as a longtime member of EITF and FASAC, Ed Trott has served our financial reporting system with great intellect, passion and dedication," said Robert Herz, FASB Chairman. "His contributions have been invaluable in helping better meet the financial reporting needs of investors and the capital markets."
Robert J. DeSantis, President and Chief Operating Officer of the FAF noted that the FAF Trustees have commenced a search for Mr. Trott's replacement, and expect to announce his successor before his departure on June 30, 2007. "As with all FAF appointments, our Trustees will seek candidates who can best serve the interests of the capital markets," Mr. DeSantis said.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.